We all remember the Good Intentions when Ronald Reagan created the "Earned Income Tax Credit".
The goal was to supplement low incomes with a cash credit, so that people would choose to work, rather than remain dependent on the world's most extravagent Social Welfare System in the U.S.
Instead, the abuse skyrocketed, as people would declare just the right amount of income "above the table" to maximize the EIC payment, and work for cash under the table for the rest of their labors.
Now, we're hearing where early Obamacare enrollees are doubling their efforts to hide income, and maximize their Obamacare subsidies... and claiming they are non-smokers when, in fact, they're blowing a pack a day.
Well, we Middle Class Taxpayers working our buns off at 2 jobs are the ones who are watching in horror as Obama cancels our policies and crams us into expensive, Obamacare policies that we don't want...
... to PAY for all those people who are getting their Obamacare "Platinum" policies for a FRACTION of what we're being forced to pay for our "Bronze" policies.
And if you don't Obey Obama?........ well.... that's what those 16,000 new IRS agents are being hired for, now isn't it.... and they KNOW where you LIVE.
After awhile, the notifications of ignored posts become a little like "white noise"...
... like the jangle of worthless slot machines while one walks through the casino on one's way to the blackjack tables, you don't even notice them.
Of course, a deranged mind like Tony's would view my reference to "white noise" as a reference to a KKK rally. It's amazing how contaminated and disoriented a racist mind can become, when it's combined with "manic-obsessive" disorder, as Tony suffers from.
Good point. We ARE privvy to the magnitude of his mental disorder...
... so, we would probably be the people that the major networks would be trying to interview when they're trying to sort out how someone as diseased as Tony was able to run amok and kill so many of the caucaseans that he hates so vehemently.
... which, in and of itself, was something new, because 99.9% of the time, I iggy his endless generation of harassment alias's without reading them.
His communique' was both hilarious, and incredulous, at the SAME TIME. It was clearly the product of a deranged mind.
He was spewing something about me running a "syndicate" of Obama-haters... LMGO on THAT one.
He also ranted something about me "deleting" my own posts... while at the same time, bumping pre-Obama-shutdown posts from weeks and months ago.
He also spewed anti-Caucasian, racist rhetoric, and an assortment of crude expletives.
All in all, I would characterize is a pure, un-adulterated SEWAGE.....
.... then I put Obama-Hussein alias number 438-d on ignore....
.... and maybe I'll read another one of his POS posts sometime in February.
GLTA... except Meth-head Tony.
I noticed that even though he apologized on NBC news for lying to us about his plans to cancel our old insurance policies and force us to buy Obamacare policies...
.... he didn't do anything to FIX the problem that he APOLOGIZED for.
Why apologize for lying to us about cancelling our policies IF YOU'RE JUST GOING TO KEEP CANCELLING THEM ANYWAY!
Unbelievable... Worst lying sack of #&%* President in American History.
1. Why do they call it the "Affordable Care Act" when Middle Class Americans all over the country are seeing their health insurance premiums double, and ever TRIPPLE in cost?
2. Why did President Obama apoligize for cancelling our previous insurance policies... then not lift a finger to rectify such an urgent problem?
3. If my Trippled cost of health insurance were a "tax increase", it would be the largest, Middle Class tax increase of my entire lifetime.....
.... didn't Mr. Obama promise not to raise taxes on the middle class?
Here's the thing, drawnfire911...
Anybody who's ever studdied economics and has given thought to how "government interference" applies to the area above and below the cross-hairs of a "supply-demand" curve KNOWS that such interference leads to a less effective and less efficient economy.
That's why Obamacare is so damaging... because it violates the laws of efficient economics so VIOLENTLY... mainly by hugely rewarding lethargy, and punishing incentive and ambition....
.... and, by creating artificial demand for "cheap" healthcare while simultaneously pinching suppliers... which is why "long waiting lines" are the hallmark of such horrible laws in countries that are less vibrant than we "used" to be.
While IRA distributions "should" be taxed, due to the tax-exemptions that originally funded them, they SHOULDN'T penalize people seeking Obamacare subsidies, because such distributions constitute a form of "living on one's savings"... NOT living on one's "earned income"...
... but, of course, once you start throwing around government handouts, all KINDS of unfairness and fraud results, and society ends up seriously damaged.
Hope this helps,
I did reveiw the slides, and I think that's why I vaguely remember the location between CC and the retracted sites 7 and 8.
Perhaps the 2nd location is a future plan for remaining land on site 3 once Parisian is done.
I figured that LVS would be the bidder for licenses outside of Macau given that the parent company has the reputation behind all that they've done to develop the world's most marquee IRs, whereas Sands China is only a subsidiary owner of the macau resorts.
I hadn't considered the political problems between China and Japan, but you're right... that's another aspect of it.
Nice synopsis, my friend.
The mall mentioned was supposed to be aimed more at mass-market patrons, since the other cotai malls thus far are aimed at higher net worth patrons. I'm not sure it's location (I thought it was adjacent to site 7 on the far end of cotai central) so if you know where it's located, I'd appreciate your sharing.
LVS/Sands has been more aggressive with originating LIBOR-pegged loans from financial entities than any other gaming company, and that has saved them lots of financing costs relative to the bond issuance that other gaming companies are favoring.
I believe the reason is what I mentioned in a nearby thread... that LVS believes, as I do, that the fed will continue holding fed-funds at 0 to .25% "indefinately", and fed-funds is one of the primary determinants of the London Interbank Rate (eg: LIBOR).
The reason why I think that is because the lack of Investment Capital deployment in the U.S. is causing U.S. economic growth to emulate what we've been seeing in Japan for the past 23 years, and I can't see U.S. growth as being sustained if the fed starts jumping the fed funds rate... ESPECIALLY given that they've got QE to address before they can even BEGIN to address it.
We LVS investors owe a LOT to LVS's ability to see that over the past 4 years and continue to emphasize variable-rate, LIBOR-pegged financing alternatives over bond issuance, as it's been a significant component of LVS's success since the recession.
It was bad enough that ObamaCare has TRIPPLED my health-insurance premium since the first aspects of Obamacare started taking hold in 2010.
What is worse is that my Brother in Law, who QUIT his job last year, is able to get an ObamaCare "gold" policy for 1/3 what it is going to cost me for my ObamaCare "bronze" policy (Obamacare has directed my insurance carrier to cancel my existing policy).
There's nothing "fair" about any of this!! All it is is a law that takes money away from hard-working, middle-class citizens like me, and gives it to all the people who voted for Obama (mostly the 45% of Americans who don't pay the Federal Income Tax)...
... ObamaCare is essentially, the BIGGEST MIDDLE-CLASS TAX INCREASE IN MY LIFETIME... which is yet ANOTHER thing that Obama promised he would never do.
Karl Marx is famous for saying: "from each, according to his ability, to each according to his need"...
... I guess we needed to wait for Obama to "implement" that creed... not surprising, as Mr. Obama's most influential, father-figure when he was growing up was Frank Davis, a card-carrying member of the U.S. Communist Party.
This would end up being a relatively "modest" improvement for November.
Last November came in at 24.9 billion patacas, so a 20% YOY improvement puts them at almost exactly 30 billion MOP, which is about on par for the monthly run rate for Q3 (excluding October, which was the golden week month).
The problem I have with it is that November of 2012 was weak (dec. 2012 recorded 28.2b MOP and Nov. 2012 only improved on Nov. of 2011 by 1.3 billion patacas), so I was hoping for something more in the area of a 23 to 24% improvement.
Still, I'm starting to think that Sands is in a good position to do well, market-share-wise, when overall business slows in macau in any given month.
The reason is because Sands is about the only concessionaire with spare room capacity for mass-market gamblers who pay cash for rooms and want to be in the vicinity of the casino(s) they play in.
I think we're going to find that Sands gains little during major holidays, as all hotels fill up anyway and the excess patrons rent rooms away from the resorts downtown...
... whereas during slower times, the marginal loss of patronage will be away from the gaming resorts, and Sands will still achieve high occupancy, and associated gaming revenues, from those punters who can't get a room at any of the other gaming resorts, which have so little comparative capacity.
Reports are that he upped his dosage when he shot up meth this morning and went crazy (-ier than he already is).
He ended up accidentally logging into the GE message board instead of LVS, and spewed a foul-mouthed, rant comparing Spokanimal with Barney the #%$* dinosour.
GE subsequently contacted NBC executives who, together with Barney's producers and representatives of a dozen, "children's advocates" activists, notified law enforcement, who ended raiding Tony's 2nd-story, studio apartment just as Tony was returning from the liquor store down on the first floor... high as a 100-story building on Meth and Vodka.
At last report, he was in a straight jacket in a downtown LV de-tox detention facility, mumbling expletives about how Spokanimal wants to take away the massive subsidies on his Obamacare and force him to go to work for a living.
More, as it becomes available.
Quad, while I agree that NOI can be quite "lumpy" for a BDC like this that has a portfolio that's primarily comprised of equities. Because ACAS is mostly equities, more emphasis is put by analyst's like me on NAV rather than NOI, which is used more for BDCs that engage more in income investments in their portfolios.
I see what ACAS's NOI difficulties are, and what they said they're going to do to improve it by carrying the paper on loans to the operating companies they hold more than 80% equity in.
The problem is, they own a lot of small to mid-sized growth companies and the stock market did quite well in Q3, so you DON'T expect their NAV to drop when the effect of the share buybacks are excluded...
... whether or NOT they wrote down their mark-to-market valuation of ACAM.
Hope this helps,
One way to value contrarian plays like Transocean is to compare recent events to those that prevailed when RIG hit it's 52 week high earlier this year.
To make a long story short... RIG is much lower today, on much better news, than it was then.
That is a sign of "un-recognized value", IMO.
Motley Fool is where a lot of young, green, wanna-be analysts go to write their stuff.
Travis Hoium is not a CFA, and never uses any techinique or terminology in his writings that would indicate any proficiency in that regard. If memory serves, his BA was in something un-related to finance/economics.
Thought I would bump this for easy reference.
I believe September came in for Sands at 22.8 or 22.9% (abc, please check that)...
... and October came in at 20% (rounded?) vs 26% for SJM/SJM 3rd parties and 21% for Galaxy.
... of the month.
Anybody seen any MTD, market share data for November yet?
Given Sand's share drop from ~23 to ~20% from September to October, I'm curious now that we're into a non-holiday month.
If the LIBOR peg is 30 or 90 day LIBOR, then the total rate on that facility would be under 2.5% annual rate.
I've been doing the same thing with any credit I personally carry and have eliminated all but one fixed-rate loan in favor of all variable rate financing at between 2.7 and 3%. The reason, is because I think we're still a LONG ways from seeing a bump in the fed funds rate by the Fed...
... heck, they've still got to address tapering QE before they'll ever get around to a fed-funds adjustment, and they've already said the taper will be very gradual.